Even without Libya, Bentsen would have won easily. Libya gives him a landslide.
Bentsen : 55%, 401 EVs
Bush : 44%, 137 EVs
I actually think this is fairly accurate.
People often times forget that in summer 1988
Micheal Dukakis had a double digit lead over Bush which he eventually blew into a landslide loss. I doubt Lloyd Bentsen would've made the same mistakes that Dukakis made (like claiming he was a proud card carrying ACLU member, which in 1988 would be pretty f***ing stupid). With Reagan's reputation a bit damaged I see any effects of Reagan campaigning (which might be likely) as more of a burden than a plus in this scenario. So yes, I agree here, Bentsen wins in a landslide.